USA Today recently published a state-by-state comparison of mortgage delinquencies and foreclosures. Some of the other states are seeing loans go delinquent at a rate that is 2–3 times higher than Alaska.
I had a loan officer tell me this week that they need to provide more documentation than they needed previously to complete the loans. That has held up a few loans and caused us to extend closings, but they are still closing.
Alice Roe of US Bank mentioned that the volume of loans at US Bank is increasing due to closure of many mortgage brokers across the country. Their current rates, (as of today), are 5.875% for a fixed 30 year note with a 1% loan origination fee. You can get a 0% loan origination fee at 6.25%. Those are some of the best rates I have seen for awhile. She has an online loan application here.
Dave Johnson at Fishhook Realty, sent me a link to this article by Peter Toner in San Diego. In it, he recommends ensuring that you are working with quality professionals from quality companies. It is in these kinds of times that the solid companies do well.
Speaking of quality: I have mentioned before some of the experienced lenders here in the Matanuska Valley. These people know what they are doing and will point you right.
- Alice Roe: US Bank
- Howard Nugent: Wells Fargo
- Annemarie Weiland: Residential Mortgage
This is not an all inclusive list. There are other good lenders in the valley as well and I will add to the list later.
By the way, I know a quality Realtor: You can call him on his cell phone at (907) 232–7900.
